"News Corp. is responding to pressure from some investors who aren't interested in its relatively slow-growing publishing ventures, which include The Wall Street Journal and New York Post, newspapers in Australia and a collection of British tabloids that have been caught up in the U.K."

The publishing part of the business will retain the News Corp. brand, and the entertainment half will be known as 21st Century Fox, the company's Board of Directors said.

"Today's announcement is a significant step in creating two independent companies with the world's leading portfolios of publishing and media and entertainment assets," Rupert Murdoch, who will serve as chairman and CEO of the proposed 21st Century Fox and executive chairman of the new News Corp., said in a statement.

"We continue to believe that the separation will unlock the true value of both companies and their distinct assets, enabling investors to benefit from the separate strategic opportunities resulting from more focused management of each division," Murdoch said.

Shareholders are expected to formally approve the split on June 11.

Reuters reports that the company named current directors Lachlan Murdoch and James Murdoch to the board of the new News Corp.